The Frenchman, who is out of contract at the end of the season, is expected to leave the Emirates Stadium this summer after failing to agree a new deal with the north London outfit.
Arsenal boss Arsene Wenger revealed on Friday that the 31-year-old had a final offer on the table as the club would not be willing to meet the defender's high wage demands.
Inter Milan, Monaco, PSG, Galatasaray, Fenerbahce and Premier League rivals Manchester City are all said to be chasing the former Auxerre.
Sagna would be a huge loss to Arsenal if he was to leave the club as he is an established first-team star at the club.
The experienced defender, who has featured in 32 of Arsenal's 35 games this season, has grown into one of the most consistent defenders in the Premier League since moving to England in 2007.
Arsenal fans will be desperate for Sagna to reject overtures from Manchester City - particularly as Samir Nasri, Gael Clichy and Emmanuel Adebayor have swapped the Emirates Stadium for the Etihad in recent years.
Sagna would face competition from Pablo Zabaleta if he did decide to join Manchester City, which may sway his decision to stay in the Premier League with the Citizens.